Retail Sales Flat In July
Inflation is taking a toll on shoppers, according to new data from the Commerce Department.
Retail sales were flat in the month of July, after a slight uptick in June. It’s quite a difference from one year ago, when retail sales surged by more than 10% in July of 2021.
Economists were expecting a small increase as gas prices begin to drop.
The pace of sales at U.S. retailers was unchanged last month as persistently high inflation and rising interest rates forced many households to spend more cautiously. https://t.co/PYOaQExnmS
— ABC News (@ABC) August 17, 2022
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